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"No other firm in the industry has demonstrated Vanguard's track record of delivering cost savings and value to its clients," said Vanguard CEO Tim Buckley. "Our unique, client-owned structure1 enables us to consistently pass along economies of scale and lower the cost of investing for our clients, so they keep more of their returns."

With the lowering of the Admiral Shares minimum investment, access to Investor Shares of the funds will eventually be limited to:

Portfolio construction of funds of funds, including the suite of Vanguard Target Retirement Funds.

Select defined contribution recordkeeping clients.

Delivering broader access to low-cost investing demonstrates our ongoing commitment to provide greater value to our clients. Over the last three years alone, more than 500 Vanguard mutual fund and ETF hares reported expense ratio decreases for an estimated $625 million in cumulative savings (based on total assets).2 It is our 40-plus years of a client-first business philosophy that allows Vanguard to stand apart from its competitors.

1 Vanguard is client-owned. As client owners, individual shareholders own the funds that own Vanguard.

2 Cumulative figure for all share classes from the 2015-16 fiscal year through the 2017-18 fiscal year for the U.S.–domiciled funds. Estimated savings is the difference between prior and current expense ratios multiplied by average assets under management. Average AUM is based on daily average assets during a month, which are then averaged over the 12 months of the fiscal year.

Notes:

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